Euro almost at parity with pound

Andrew Quinn

Financial markets saw the value of the pound against the euro crash on Friday.

At one stage, the euro was almost at parity with the pound.

Some currency exchange outlets based in airports around the U.K. had the euro worth more than the pound on Friday.

According to poundsterlinglive.com, the euro was worth 0.9960 against the pound earlier this week.

The pound has since recovered but is estimated to be worth as little as 0.90p against the euro.

The future value of the pound is uncertain due to further negative sentiment but some experts predict that the downward trend will stabilise over the coming months.

“In the past 45 years, sterling has never traded at parity with the euro or dollar - not after the ERM crisis in Britain when the Soros broke the Bank of England and certainly not after the euro was launched and it sank to a record low of 0.8440,” said Kathy Lien, Director at BK Asset Management in New York.